Ignoring the strong supporting trendline on the weekly time frame. My bias is bearish to the strong supporting higher time frame level.
Retest of the lows before a potential reversal is considered. However if the weekly candle closes bearish then next week we could potentially look at price retesting the underside of the trend line.
Looking for short trades this coming week on CADJPY... We have had several rejections from the topside supply level, there is a chance we could get one last stop hunt high into the higher supply zone. Let's wait and see what price action we get into next week. Pay attention to Monday, and wait for the daily close to confirm directional bias.
Trade talks have seemingly calmed down at the moment, 1480 is a big psychological number i believe would needed to be reached to begin following the bullish uptrend. That being said, if that trend line is broken we may see a bit SHORT to 1430.
I am already 120 pips in on this trade (check past analysis) from a sell limit order.
As you can see price action has been respected between the trend line resistance (4th touch) and the support level (5th touch).
I have left this trade open over the weekend, however there maybe another entry point depending if the bearish cande continues on market open.
Head and Shoulders forming on the 1H after bitcoin got stopped at the 10450 level which is the 0.786 fibo taken from 10604 high to 9880 low( range we were downdtrending for the past few days as seen on the chart )
That will bring us back on the upper side of the descending wedge formation we broke out to the upside yesterday - green curved line
AUDCAD has approached this weekly resistance level and shown rejection multiple times, looking like a simple and clear trade. Over 1:3 risk to reward ratio. Drop your telegram names in the comments to be added to our free channel.